Company Quick10K Filing
Thor Industries
Price58.24 EPS3
Shares55 P/E18
MCap3,216 P/FCF10
Net Debt1,578 EBIT333
TEV4,794 TEV/EBIT14
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-06-08
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10-Q 2015-01-31 Filed 2015-03-05
10-Q 2014-10-31 Filed 2014-12-01
10-K 2014-07-31 Filed 2014-09-25
10-Q 2014-04-30 Filed 2014-06-05
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10-Q 2013-10-31 Filed 2013-12-02
10-Q 2013-04-30 Filed 2013-06-06
10-Q 2013-01-31 Filed 2013-03-07
10-Q 2012-10-31 Filed 2012-11-26
10-K 2012-07-31 Filed 2012-09-26
10-Q 2012-04-30 Filed 2012-06-07
10-Q 2012-01-31 Filed 2012-03-08
10-Q 2011-10-31 Filed 2011-11-28
10-K 2011-07-31 Filed 2011-09-28
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8-K 2020-06-16
8-K 2020-06-08
8-K 2020-05-29
8-K 2020-04-06
8-K 2020-03-25
8-K 2020-03-23
8-K 2020-03-19
8-K 2020-03-09
8-K 2020-01-30
8-K 2019-12-16
8-K 2019-12-12
8-K 2019-12-09
8-K 2019-10-14
8-K 2019-10-14
8-K 2019-10-10
8-K 2019-09-30
8-K 2019-09-09
8-K 2019-07-23
8-K 2019-07-09
8-K 2019-06-17
8-K 2019-06-10
8-K 2019-03-21
8-K 2019-03-06
8-K 2019-02-01
8-K 2019-01-30
8-K 2018-12-17
8-K 2018-12-14
8-K 2018-12-13
8-K 2018-12-06
8-K 2018-10-11
8-K 2018-10-11
8-K 2018-09-20
8-K 2018-09-18
8-K 2018-06-20
8-K 2018-06-18
8-K 2018-06-06
8-K 2018-03-15
8-K 2018-03-07

THO 10Q Quarterly Report

Part I - Financial Information (Unless Otherwise Indicated, Amounts in Thousands Except Share and per Share Data.)
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.EXHIBIT 31.1 tho4302020exhibit311.htm
EX-31.EXHIBIT31.2 tho4302020exhibit312.htm
EX-32.EXHIBIT32.1 tho4302020exhibit321.htm
EX-32.EXHIBIT32.2 tho4302020exhibit322.htm

Thor Industries Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.62.11.61.00.50.02012201420172020
Rev, G Profit, Net Income
2.01.20.5-0.3-1.0-1.82012201420172020
Ops, Inv, Fin

tho-20200430
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended April 30, 2020.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____.
COMMISSION FILE NUMBER 001-09235

tho-20200430_g1.jpg

THOR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware93-0768752
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
601 E. Beardsley Ave., Elkhart, IN
46514-3305
(Address of principal executive offices)(Zip Code)
(574) 970-7460
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Name of each exchange
Title of each classTrading Symbol(s)on which registered
Common stock (Par value $.10 Per Share)THONew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer    Accelerated filer   
Non-accelerated filer       Smaller reporting company 
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  No 
As of May 31, 2020, 55,198,756 shares of the registrant’s common stock, par value $0.10 per share, were outstanding.




PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)
ITEM 1. FINANCIAL STATEMENTS
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
April 30, 2020July 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$651,485  $425,615  
   Restricted cash
3,480  25,647  
Accounts receivable, trade, net248,458  478,531  
Factored accounts receivable191,798  173,405  
Accounts receivable, other, net74,538  64,291  
Inventories, net867,647  827,988  
Prepaid income taxes, expenses and other51,372  41,880  
Total current assets2,088,778  2,037,357  
 Property, plant and equipment, net1,079,676  1,092,471  
Other assets:
Goodwill1,396,401  1,358,032  
Amortizable intangible assets, net888,258  970,811  
Deferred income tax assets, net74,867  73,176  
Equity investment in joint ventures  46,181  
Other84,310  82,418  
Total other assets2,443,836  2,530,618  
TOTAL ASSETS
$5,612,290  $5,660,446  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$411,917  $551,831  
Current portion of long-term debt16,960  17,370  
Short-term financial obligations43,500  44,094  
Accrued liabilities:
Compensation and related items
102,375  135,560  
Product warranties
257,877  289,679  
Income and other taxes
61,920  61,483  
Promotions and rebates
91,740  95,052  
Product, property and related liabilities17,703  17,595  
Liabilities related to factored receivables191,798  173,405  
Other
70,480  62,256  
Total current liabilities1,266,270  1,448,325  
Long-term debt1,965,981  1,885,253  
Deferred income tax liabilities, net143,658  135,703  
Unrecognized tax benefits12,903  10,799  
Other liabilities111,966  85,138  
Total long-term liabilities2,234,508  2,116,893  
Contingent liabilities and commitments
      
Stockholders’ equity:
Preferred stock – authorized 1,000,000 shares; none outstanding
    
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 65,396,531 and 65,189,907 shares, respectively
6,540  6,519  
Additional paid-in capital432,020  416,382  
Retained earnings2,104,241  2,066,674  
Accumulated other comprehensive loss, net of tax(104,224) (57,004) 
Less treasury shares of 10,197,775 and 10,126,434, respectively, at cost
(351,909) (348,146) 
Stockholders' equity attributable to Thor Industries, Inc.2,086,668  2,084,425  
Non-controlling interests 24,844  10,803  
Total stockholders’ equity2,111,512  2,095,228  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$5,612,290  $5,660,446  


See Notes to the Condensed Consolidated Financial Statements.


2



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2020 AND 2019 (UNAUDITED)

Three Months Ended April 30,Nine Months Ended April 30,
2020201920202019
Net sales
$1,681,735  $2,506,583  $5,843,653  $5,553,135  
Cost of products sold1,476,102  2,214,153  5,072,803  4,911,853  
Gross profit205,633  292,430  770,850  641,282  
Selling, general and administrative expenses128,147  176,983  478,968  364,745  
Amortization of intangible assets
24,079  25,259  72,645  50,376  
Impairment charges    10,057    
Acquisition-related costs  13,363    112,511  
Interest income847  2,547  2,796  5,444  
Interest expense26,868  35,509  82,127  37,244  
Other income (expense), net(6,157) (2,340) (5,123) (6,937) 
Income before income taxes21,229  41,523  124,726  74,913  
Income tax provision (benefit)(1,555) 10,085  23,071  34,939  
Net income 22,784  31,438  101,655  39,974  
Less: Net loss attributable to non-controlling interest(1,284) (1,246) (2,151) (1,246) 
Net income attributable to Thor Industries, Inc.$24,068  $32,684  $103,806  $41,220  
Weighted-average common shares outstanding:
Basic55,198,756  55,063,473  55,163,943  53,515,491  
Diluted55,392,982  55,166,067  55,337,665  53,627,627  
Earnings per common share:
Basic$0.44  $0.59  $1.88  $0.77  
Diluted$0.43  $0.59  $1.88  $0.77  
Comprehensive income (loss):
Net income $22,784  $31,438  $101,655  $39,974  
Other comprehensive loss, net of tax
Foreign currency translation adjustment (25,245) (34,183) (36,154) (34,183) 
Unrealized loss on derivatives, net of tax(7,763) (3,781) (11,709) (3,781) 
Total other comprehensive loss, net of tax(33,008) (37,964) (47,863) (37,964) 
Total Comprehensive income (loss)(10,224) (6,526) 53,792  2,010  
Less: Comprehensive loss attributable to non-controlling interest(1,483) (1,319) (2,794) (1,319) 
Comprehensive income (loss) attributable to Thor Industries, Inc.$(8,741) $(5,207) $56,586  $3,329  
















See Notes to the Condensed Consolidated Financial Statements.


3



THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED APRIL 30, 2020 AND 2019 (UNAUDITED)
Nine Months Ended April 30,
   20202019
Cash flows from operating activities:
Net income$101,655  $39,974  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation71,966  47,134  
Amortization of intangibles72,645  50,376  
Amortization of debt issuance costs8,050  3,441  
Impairment charges10,057    
Foreign currency forward contract loss  70,777  
Deferred income tax provision (benefit)19,312  2,218  
(Gain) loss on disposition of property, plant and equipment1,524  127  
Stock-based compensation expense14,425  14,118  
Changes in assets and liabilities:
Accounts receivable219,750  17,438  
Inventories(62,475) 145,049  
Prepaid income taxes, expenses and other(8,963) (9,090) 
Accounts payable(137,668) (95,849) 
Guarantee liabilities related to former EHG subsidiaries  (105,343) 
Accrued liabilities(73,621) (5,182) 
Long-term liabilities and other612  614  
Net cash provided by operating activities237,269  175,802  
Cash flows from investing activities:
Purchases of property, plant and equipment (77,302) (83,749) 
Proceeds from dispositions of property, plant and equipment 26,854  1,281  
Business acquisitions, net of cash acquired  (1,658,577) 
Foreign currency forward contract payment related to business acquisition  (70,777) 
Equity investment in joint venture  (5,250) 
Other(5,239)   
Net cash used in investing activities(55,687) (1,817,072) 
Cash flows from financing activities:
Borrowings on term-loan credit facilities  2,095,018  
Borrowings on revolving asset-based credit facilities379,222  100,000  
Payments on term-loan credit facilities(199,301) (1,732) 
Payments on revolving asset-based credit facilities(74,776) (40,000) 
Payments on unsecured notes  (84,728) 
Payments on other debt(10,358) (70,319) 
Payments of debt issuance costs  (69,220) 
Regular cash dividends paid(66,239) (62,664) 
Payments on finance lease obligations(324) (301) 
Payments related to vesting of stock-based awards(3,763) (4,418) 
        Short-term financial obligations and other, net532  (6,092) 
Net cash provided by financing activities24,993  1,855,544  
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2,872) (2,610) 
Net increase in cash and cash equivalents and restricted cash203,703  211,664  
Cash and cash equivalents and restricted cash, beginning of period451,262  275,249  
Cash and cash equivalents and restricted cash, end of period654,965  486,913  
Less: restricted cash3,480  25,801  
Cash and cash equivalents, end of period$651,485  $461,112  
Supplemental cash flow information:
Income taxes paid$51,281  $69,872  
Interest paid$75,709  $24,714  
Non-cash investing and financing transactions:
Capital expenditures in accounts payable$2,057  $6,125  
Common stock issued for business acquisition$  $144,168  
See Notes to the Condensed Consolidated Financial Statements.


4




THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2020 AND 2019 (UNAUDITED)
Three Months Ended April 30, 2020
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings(Loss)SharesAmountto ThorInterestsEquity
Balance at February 1, 202065,396,531  $6,540  $427,373  $2,102,253  $(71,415) 10,197,775  $(351,909) $2,112,842  $9,492  $2,122,334  
Net income (loss)—  —  —  24,068  —  —  —  24,068  (1,284) 22,784  
Restricted stock unit activity—  —  297  —  —  —  —  297  —  297  
Cash dividends $.40 per common share
—  —  —  (22,080) —  —  —  (22,080) —  (22,080) 
Stock compensation expense—  —  4,350  —  —  —  —  4,350  —  4,350  
Other comprehensive (loss)—  —  —  —  (32,809) —  —  (32,809) (199) (33,008) 
 Acquisitions—  —  —  —  —  —  —  —  16,835  16,835  
Balance at April 30, 202065,396,531  $6,540  $432,020  $2,104,241  $(104,224) 10,197,775  $(351,909) $2,086,668  $24,844  $2,111,512  
Nine Months Ended April 30, 2020
AccumulatedStockholders'
AdditionalOtherEquityNon-Total
Common StockPaid-InRetainedComprehensiveTreasury StockAttributablecontrollingStockholders'
SharesAmountCapitalEarnings (Loss)SharesAmountto ThorInterestsEquity
Balance at August 1, 201965,189,907  $6,519  $416,382  $2,066,674  $(57,004) 10,126,434  $(348,146) $2,084,425  $10,803  $2,095,228  
Net income (loss)—  —  —  103,806  —  —  —  103,806  (2,151) 101,655  
Restricted stock unit activity206,624  21  1,213  —  —  71,341  (3,763) (2,529) —  (2,529) 
Cash dividends $1.20 per common share
—  —  —  (66,239)